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Note 4 - Stock-Based Compensation | 6 Months Ended
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Mar. 29, 2014
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | (4) Stock-Based Compensation Under the Company’s equity incentive plans, employees and directors may be granted stock options, restricted stock, restricted stock units and performance awards. As of March 29, 2014, there were 480,000 shares available for future grants under the plans. Stock options. Under the Company’s equity incentive plans, employees and directors may be granted options to purchase shares of the Company’s common stock at the fair market value on the date of the grant. Options granted under these plans generally vest over three years and expire ten years from the date of the grant. Compensation expense and excess tax benefits associated with stock options for the three- and six-month periods ended March 29, 2014 and March 30, 2013 are as follows:
|  | Three Months Ended |  |  | Six Months Ended |
(In thousands) |  | March 29, 2014 |  |  | March 30, 2013 |  |  | March 29, 2014 |  |  | March 30, 2013 |
Stock options: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Compensation expense |  | $ | 358 |  |  | $ | 347 |  |  | $ | 523 |  |  | $ | 486 |
Excess tax benefits |  |  | (105 | ) |  |  | (295 | ) |  |  | (191 | ) |  |  | (331 | )
As of March 29, 2014, the remaining unamortized compensation cost related to unvested stock option awards was $579,000, which is expected to be recognized over a weighted average period of 1.18 years. The fair value of each option grant is estimated on the date of grant using a Monte Carlo valuation model based upon assumptions that are evaluated and revised, as necessary, to reflect market conditions and actual historical experience. The risk-free interest rate for periods within the contractual life of the option is based on the U.S. Treasury yield curve in effect at the time of the grant. The dividend yield is calculated based on the Company’s annual dividend as of the option grant date. The expected volatility is derived using a term structure based on historical volatility and the volatility implied by exchange-traded options on the Company’s common stock. The expected term for options is based on the results of a Monte Carlo simulation model, using the model’s estimated fair value as an input to the Black-Scholes-Merton model, and then solving for the expected term. The estimated fair value of stock options granted during the three- and six-month periods ended March 29, 2014 and March 30, 2013 was $6.93 and $7.17, respectively, based on the following assumptions:
|  | Six Months Ended |
|  | March 29, 2014 |  |  | March 30, 2013 |
Risk-free interest rate |  |  | 1.56 | % |  |  | 1.25 | %
Dividend yield |  |  | 0.62 | % |  |  | 0.74 | %
Expected volatility |  |  | 41.46 | % |  |  | 48.15 | %
Expected term (in years) |  |  | 4.94 |  |  |  | 6.47 |
The following table summarizes stock option activity for the six-month period ended March 29, 2014:
|  | Options |  |  | Exercise Price Per Share |  |  | Contractual Term - |  |  | Aggregate Intrinsic |
|  | Outstanding |  |  |  |  |  |  |  |  |  |  |  | Weighted |  |  | Weighted |  |  | Value |
|  | (in thousands) |  |  | Range |  |  | Average |  |  | Average (years) |  |  | (in thousands) |
Outstanding at September 28, 2013 |  |  | 918 |  |  | $ | 5.43 |  | - |  | $ | 20.27 |  |  | $ | 12.65 |  |  |  |  |  |  |  |  |
Granted |  |  | 67 |  |  |  | 19.08 |  | - |  |  | 19.08 |  |  |  | 19.08 |  |  |  |  |  |  |  |  |
Exercised |  |  | (90 | ) |  |  | 6.89 |  | - |  |  | 13.06 |  |  |  | 10.58 |  |  |  |  |  |  | $ | 804 |
Outstanding at March 29, 2014 |  |  | 895 |  |  |  | 5.43 |  | - |  |  | 20.27 |  |  |  | 13.34 |  |  |  | 6.02 |  |  |  | 5,318 |
Vested and anticipated to vest in the future at March 29, 2014 |  |  | 893 |  |  |  |  |  |  |  |  |  |  |  |  | 13.33 |  |  |  | 6.01 |  |  |  | 5,310 |
Exercisable at March 29, 2014 |  |  | 604 |  |  |  |  |  |  |  |  |  |  |  |  | 12.53 |  |  |  | 4.64 |  |  |  | 4,095 |
Stock option exercises included “net exercises,” pursuant to which the optionee received shares of common stock equal to the intrinsic value of the options (fair market value of common stock on the date of exercise less exercise price) reduced by any applicable withholding taxes. Restricted stock units. Restricted stock units (“RSUs”) granted under the Company’s equity incentive plans are valued based upon the fair market value on the date of the grant and provide for a dividend equivalent payment which is included in compensation expense. The vesting period for RSUs is generally one to three years from the date of the grant. RSUs do not have voting rights. RSU compensation expense for the three- and six-month periods ended March 29, 2014 and March 30, 2013 is as follows:
|  | Three Months Ended |  |  | Six Months Ended |
(In thousands) |  | March 29, 2014 |  |  | March 30, 2013 |  |  | March 29, 2014 |  |  | March 30, 2013 |
Restricted stock unit grants: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Units |  |  | 40 |  |  |  | 43 |  |  |  | 40 |  |  |  | 43 |
Market value |  | $ | 763 |  |  | $ | 703 |  |  | $ | 763 |  |  | $ | 703 |
Compensation expense |  |  | 462 |  |  |  | 433 |  |  |  | 705 |  |  |  | 607 |
As of March 29, 2014, the remaining unrecognized compensation cost related to unvested RSUs was $1.1 million, which is expected to be recognized over a weighted average vesting period of 1.38 years. The following table summarizes RSU activity during the six-month period ended March 29, 2014:
(Unit amounts in thousands) |  | Restricted Stock Units Outstanding |  |  | Weighted Average Grant Date Fair Value |
Balance, September 28, 2013 |  |  | 221 |  |  | $ | 13.20 |
Granted |  |  | 40 |  |  |  | 19.08 |
Released |  |  | (49 | ) |  |  | 13.63 |
Balance, March 29, 2014 |  |  | 212 |  |  | $ | 14.21 |

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- Definition The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5047-113901 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 50 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6406099&loc=d3e25284-112666 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 40 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6418621&loc=d3e17540-113929 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5444-113901 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 14 + Details
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